Macro Briefing: 27 January 2023

* US jobless claims fall, highlighting tight labor market conditions
* US durable goods orders rose in December, fueled by aircraft orders
* Chicago Fed Nat’l Activity (3mo avg) falls in December; new economic warning
* Money supply data is back in focus after inflation roller coaster
* Big oil firms expected to report record annual profits
* 10yr US Treasury yield rises above 3.5% after better-than-expected GDP report
* US economy rose 2.9% in fourth quarter, beating expectations:

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Macro Briefing: 26 January 2023

* Russia launches new attacks on Ukraine, which lauds West’s plan to send tanks
* Hiring surge by small firms complicates Fed’s plans to cool inflation
* Sen. Manchin seeks delay in new tax credits for electric vehicles
* Will a gain in today’s Q4 GDP report minimize recession risk?
* Consumer prices remain high despite softer inflation data
* Investors eye layoffs at investment banks as recession indicator
* Does Google antitrust investigation threaten its dominance in search business?
* Smartphone shipments plunge in Q4, largest decline on record
* US housing demand showing signs of rebounding, advises Redfin:

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Macro Briefing: 25 January 2023

* US and Germany set to announce sending tanks to Ukraine
* Treasury takes another “extraordinary” step to buy time in debt-ceiling impasse
* Senators consider Social Security reforms as GOP House members weigh cuts
* A warning for the labor market: companies cutting temporary workers
* Deciding if recession is high is unusually tricky this time
* Climate change may trigger new era of trade wars
* Justice Dept. sues Google, claiming it dominates digital advertising
* US economic contraction continues in January via PMI survey data:

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Macro Briefing: 24 January 2023

* Eurozone economic activity edges back to growth in January via PMI survey data
* UK continues to post “sustained downturn” in January via PMI survey data
* US investment firms look to Europe for growth, start turning away from China
* Analysts expect US stocks will continue to underperform global peers
* The end of easy money is “particularly painful” for tech companies
* Microsoft will invest billions of dollars in OpenAI, creator of ChatGPT
* US Leading Economic Index fell sharply again in December:

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Macro Briefing: 23 January 2023

* Bipartisan lawmakers prepare plan to defuse debt-ceiling crisis
* China’s reopening may boost global inflation
* Market-based gauges of inflation project rapid inflation slide in months ahead
* The first ETF celebrates its 30th birthday this week
* Banks set for deepest layoffs since the financial crisis
* The long and winding road to the US government’s $31 trillion pile of debt
* Big tech’s big reversal linked to mistaken bets on pandemic-fueled growth
* Fed’s Waller supports slowing next rate hike to 25 basis points
* US existing home sales fell again in December, lowest since November 2010:

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Book Bits: 21 January 2023

Edible Economics: A Hungry Economist Explains the World
Ha-Joon Chang
Summary via publisher (Public Affairs Books)
For decades, a single, free-market philosophy has dominated global economics. But this intellectual monoculture is bland and unhealthy. Bestselling author and economist Ha-Joon Chang makes challenging economic ideas delicious by plating them alongside stories about food from around the world, using the diverse histories behind familiar food items to explore economic theory. For Chang, chocolate is a lifelong addiction, but more exciting are the insights it offers into postindustrial knowledge economies; and while okra makes Southern gumbo heart-meltingly smooth, it also speaks of capitalism’s entangled relationship with freedom. Myth-busting, witty, and thought-provoking, Edible Economics serves up a feast of bold ideas about globalization, climate change, immigration, austerity, automation, and why carrots need not be orange.

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